SCLCS Foundation

In 1974, the South Carolina Lions Sight Conservation Foundation, Inc. was formed at the annual meeting of the South Carolina Lions Sight Conservation Association, Inc. The name was later shortened in 1992 to The South Carolina Lions Foundation, Inc. at the South Carolina Lions State Convention. On September 25, 1974, the Internal Revenue Service issued its advanced ruling declaring the Foundation a 501(c)(3) organization, exempt from income tax. The IRS ruling means that donors may be able to deduct their contributions to the Foundation for tax purposes.

At the South Carolina Lions State Convention in April 2003, South Carolina Lions Foundation was changed to the Investment Committee of South Carolina Lions Charitable Services (SCLCS)(formerly South Carolina Lions, Inc.). At the State Convention in April 2004, the name was changed back to SC Lions Charitable Services Foundation, and specific procedures for its independent operation as an entity of SCLCS were approved.Note: Donors should always consult with their tax advisor regarding the deductibility of any charitable donations they make.

Purpose of the Foundation

The principal object and purpose of the Foundation, as set out in the Constitution, is to acquire and administer funds or other assets, and to manage and invest those funds or other assets in order to support the work of South Carolina Lions Charitable Services (SCLCS).

SCLCS acts as the -hub” of a wheel in administratively supporting various activities, SC Lions Eye Research Center at the Medical University of South Carolina in Charleston, Hearing Aid Bank, Mobile Health Screening Unit, Camps for the Blind, International Youth Exchange Program, Leader Dogs for the blind, and Diabetes Awareness programs and events.

Charitable Giving Opportunities

Obviously, the simplest form of a donation would be either cash or check donations. Those annual donations, and donations made during times of opportunity, and through bequests are greatly appreciated. However, there are numerous other ways of giving through proper estate planning and planned giving. Those consist of:

Charitable Remainder Trusts (CRT)

Benefits To Donor

• Tax Deduction
• Avoid Capital Gains Tax on Sale of Low-Cost-Basis (LCB) investments and/or property.
• Convert LCB investments and/or property into steady stream of income to donor.
• Transfer Same Amount of assets to heirs tax-free, save up to 55% of your estate in taxes.
• Avoid Probate’s expenses and lack of privacy.

Benefits to Charities

• Charity retains investments at death of either donor
• Periodic inflow of funds for charitable use/support

Charitable Lead Trusts

Benefits to Donor

• Same as CRTs with the exception that the donated amount would pass to heirs tax-free at donor’s death, instead of going to the charities (the opposite of CRTs).

Benefits to Charities

• Charities have a steady stream of income/support until the donor’s death.

Gift Annuities

Benefits to Donor

• Same as CRT’s (difference: the contribution is not held in trust through the income period, but belongs to the charity making a promise to pay the annuity amount from its general assets).

Stock Gifts: gifting LCB Stock to Charities

Benefits to Donor

• Avoid Capital Gains Tax on LCB Stock
• Tax deduction for current market value of LCB Stock
• Transfer Same Amount of assets to heirs tax-free, save up to 55% of your estate in taxes.
• Avoid Probate’s expenses and lack of privacy.

Benefits To Charities

• Assets to invest for programs supported
• Periodic income/support

Memorials

• A $100 donation by an individual donor or group will put the donor or designated person’s name on display in the lobby of the South Carolina Lions building.
• A $1,000+ donation by an individual donor or group will have the donor’s and/or the honoree’s name displayed at the South Carolina Lions building with special recognition.
• Donations made through the Raymond James Charitable Partners Program will apply to these memorial amounts.
• Memorials may be made in the name of someone other than the donor(s).